Wednesday, March 2, 2011

Another Globex Raid

The Evil Empire once again decided to use the thinly-traded Globex as their playground this afternoon. That they are now regularly using this domain as their primary manipulative arena says a lot about the overall strength of the silver and gold "markets". Bids during the regular hours Comex session are simply too strong for Blythe and her monkeys to overwhelm. They must now resort to using their dirty tricks on the Globex, when few are around to stop them. Rejoice! This is a sure sign that we are winning!

First, take a look at today's Globex action and then we'll discuss it below:
That the selling came in waves is the smoking gun...the DNA evidence of the EE. Note that each wave was progressively stronger. This is another vintage EE tactic. Lastly, note that the total damage was 67 cents.

Here's the thing you must understand. The Morgue doesn't institute these attacks just to piss you off and they're not doing it to paint the tape...at least not in this particular situation. What was done today was what I call "price clipping". Silver reached $35 today and was still well-bid. With the continued supply shortages and with events in the Middle East boiling over, the metals will most certainly continue to rise. The purpose of today's raid was to trim price and it worked to the tune of $0.65. As we head into tomorrow, price is a full 65 cents lower than it would have been without the raid. You may think, "what's the big deal its only 65 cents?". No, it is a big deal. Taken in total with last Thursday's raid (which was executed for the same reason), Blythe has been able to clip over $2 from the price of silver by raiding the Globex. Without those two raids, silver would be over $36 right now instead of 34.50. Do you see now why it is a big deal? And what about all of the other, countless raids over the past couple of years. How many dollars have been cumulatively clipped out? Thirty? Fifty?

So, once again, the moral of the story is DON'T GET FREAKED OUT. Blythe will always raid. Its what she does. But when the metals are this well-bid and the fundos this freaking strong, all you need to do is buy the f-ing dip and smile. You might send her a little thank you note, too.

I'll have more for you later this evening. TF

88 comments:

  1. What this means is one should take a little profit as the price moves higher and wait for the raid...then BTFD!

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  2. SQI said: "uhh, what raid might that be Blythe dear?"

    Turns out Silverquest's spike today was due to the release of a nice looking NI 43-101 on their Capoose property.

    Capoose = Kaboom! Or Ka-ching! Both are good.

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  3. One more thing...

    ...during this run, there's been consistent price weakness in the evenings, silver dropping between $0.15 and $0.25 in Asia before LBMA opens.

    It's presents another good time to buy a dip.

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  4. I think the raids will continue to be evermore intense to maintain the pretense of value in the FRN and the US Economy.

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  5. I think Globex raid signals weakness rather than strength in EE's ability to control the market. These guys used to come out 10AM under broad day light to torpedo the price in your face as a show of bravado, and every investor goes “Run-Forrest-Run” from them. The fact they do it now when the volume is thin tells me they are short on ammo.

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  6. Yup! The dead horse raid, isn't riding the yankee yankster pony to much raiding power blue ribbons!! jpig morgue better have good stud fees comin in with this corpse of a horse, feeding in a graveyard 5 miles over! Aren't goon-a jaw bone the silver markets down much as in the past! Jaw bone of an ass I might add!! Nice we're winning some battles as we know how the fiat currency war ends!!

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  7. more raids, lower price, lower price, more demand, more demand, less metal...

    The pincers have closed, just a matter of time until we win this War of Attrition. They're on the wrong side of history. That is always a losing proposition.

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  8. Dr. Jerome said...

    [@Jim,
    Why do you thing SLV will test 30?
    March 2, 2011 6:57 AM]



    http://tinyurl.com/4tdvswb

    ST target is 30
    LT target is 23

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  9. Turd,

    It's interesting to me to see the divergence between slv, pslv and the shares today. There was a point during the day that the pslv was up 2.88% but the slv was up only .6%. We closed pslv up 1.44% and slv was down .10%. At this time, stocks were up small compared to spot.

    This dislocation between the shares, etfs, and physical etfs can be disheartening at times due to the pair trade from the hedge funds.

    I keep telling myself that the “normal” sequence of events are: first spot reacts, second majors react, third mid-tier/juniors (due to greed).... right? Or is my assumption incorrect this time around since everyone is looking to get rid of fiat by buying physical?

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  10. Could the raid continue though? Since they were able to intra-day it. Also, HSBC was part of the comex pirates too right? Can't they help push it in Asia/Euro trading?

    I am skeptical of buying the dip 'just' yet. I guess they did a good job scaring investors like me. I remain cautious for re-entry

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  11. Turd,

    Not only that, the miners get clipped by this continuing fraud and manipulation. The Gold/XAU ratio has NEVER adjusted back from pre 2008 levels. It is still way out of whack of where it used to be. Looking at this particular ratio, most gold (and silver) stocks are WAY undervalued.

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  12. Turd great post, and I know you won't answer this directly, but what you say about clipping does not register with me. Won't Comex open at where Globex leaves off if globex absorbs the selling and prices come right back up?

    I totally understand they clipped some weak longs and was able to reduce some exposiure, but isn't price, price?

    Thanks.

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  13. Did y'all see Jesse's http://jessescrossroadscafe.blogspot.com/2011/03/gold-daily-and-silver-weekly-charts-jpm.html
    latest about JPM taking delivery of 1 million tons of March sugar?

    http://www.bloomberg.com/news/2011-03-02/sugar-deliveries-for-new-york-march-futures-surge-to-jpmorgan.html

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  14. Dear Blyhte

    Oh babe, you got my soul
    You got the silver you got the gold
    A flash of love, just made me blind
    I don't care, no, that's the big surprise

    You got the silver (M. Jagger/K. Richards)

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  15. Is there ever going to be an end to the raiding, i.e. will the morgue ever extricate itself from its current predicament?

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  16. To win a war you need enough ammunition and by the looks of it the J.P.Morgue,et al, are running dangerously low.Anybody notice Bernanke looked a bit tired around the eyes when giving his address today,must be a real drag taking Nytol everynight and not counting sheep but Silver crashing through bigger and bigger $ signs.As in Silver most days "another day,another $",then 5,then 10 to infinity,no matter how fast the printers go.

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  17. ewc58, I hope that's true.

    It seems like the CFTC just keeps turning a blind eye to blatant raiding. My concern is how intense the activity can become, particularly if the US tanks (well it is anyway) and some of the strong hands get shaken out. If that happens, could get ugly quick. Let's just hope the long buyers remain. There is something about one of the best investments in a life time being part of deeply manipulated market... it's frustrating.

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  18. Agreed Bay. Stocks are WAY undervalued since the sheeple haven't woken up to the bull market yet. Gold/Silver is mostly a fear trade, but stocks are a greed trade generally, right? The inflation meme is just starting. I'm in until the mania phase or until I reach my personal goals in fiat. When I see instead of "We buy gold" but "We sell gold", then SELL.

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  19. for the last 2 weeks i have been monitoring gold and silver prices daytrading these dips in slw a few times and like clockwork it seems the price dips to a support line and then goes back. until a major correction I think anybody could do this every day.all you gotta do is wait watch pull trigger and sell a little while later

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  20. cbottle!! Just waiting for benron burnokios head to explode!! Silver takin so much hot air out of the gas bag!! The DINKER! Dollar inker to infinity has got to know from history what his demise will be!! He's buried in worthless fiat paper! End of war!!

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  21. ragedmaximus, Well, that sounds easy enough! I am going to start trading like mad. I will get rich fast or die trying!

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  22. Right! Regulators, regulating at the CFTC!! May as well validate sex orgies at the 90 and up old folks home!!

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  23. the ron paul grilling bernanke is on zerohedge tonight

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  24. I think we've got a little twitter revolution going on here in the silver market. I also think TF is the guy who should be the the figurehead.
    MK may have started it but he's too crazed for a lot of people. TF is the real deal just a smart guy telling it like it is.
    I see more an more newcomers esp. young folks getting into the silver thing and realizing it's the only way to protect themselves and fight back against the EE.
    Now is the time to tell everyone you know to buy silver and gold any way they can. physical is best but buy whatever one can in their IRAs etc. only some kind of financial run on the EE is going to get this crazy EE to change.
    alot better than taking it to the streets.
    buy silver-change the world!!!

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  25. This post is off subject but who else is more informed then Turds followers. A while back Bid Bullion announced they were minting Max Keiser silver rounds. I still haven't received mine. Does anyone know if they are still in business or what the deal is?

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  26. i only recently became a silver bug and being unemployed trading for a living i have all day all night to figure stuff out and only found this site last week and like tf and his info and see a very distictive pattern here like silver pacman day after day

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  27. cbottle and afrum,
    End of war is scheduled for end of 2012, thought you ought to know. (http://www.prisonplanet.com/oil-prices-skyrocket-after-williams%E2%80%99-latest-revelations.html)

    Went into local Scottrade today (for the transfer, per my own rules) and asked how was business. The ST rep said business picked up considerably since late December and continues. The contrarian in me says it's time for another take down, retail is the pig.

    I Fester

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  28. Great post tonight Mr. Turd. My sentiments exactly. I am glad and hopeful that some can make some money due to this criminal activity and thereby thwart the success of the EE. If no one bought the dip, then we would have no FUBMS now would we? :)

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  29. Fester the sheeple to slaughter!! Can't believe how lulled to sleep AmeriCON'd is with the corrupt rat basturd wall street fraudsters/black & white house/CONgress & SINate in bed together!! Major AmeriCON'd lamb chops to serve up!!

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  30. bienki, they're waiting on NWT to mint them. Too bad BB chose them, b/c Lord knows when they'll actually ship... That's the last I've heard.

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  31. Thanks for all you do, Mr. Turd. Today, I BTFD and levered up my positions. Thanks to Blythe for the SLV red light special on isle 5!!

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  32. Thanks Blythe for the raid!! Allowed me to add to my GPL position!

    Turd - agree that this market is well bid. In fact, these raids may even be good as it prevents the vertical ascent that could cause panic. It allows a measured rise - for now.

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  33. Thanks turd, just what I needed! 8)
    Freak out is exactly what I did, and I knew it was comming, I knew it wasn't the end, I btfd all the way down, when the bottom came up and started going down again I freaked. I saw 4 digits in the plus go to low 3 in a hurry, I had designed my position where I coulda took another hit of $2 whole dollars on the price, but alas...I didn't have the guts to hold out. 2 seconds after I closed everything in my freak out the price turned right back around. Grrr. My account is positive from where I started, but I gave up a lot of position...to the tune of $1.06 on my base. Lesson learned, and thanks for the pep talk coach!

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  34. Thanks rthaler71 and Curtains for responding to my question (SIMPLE QUESTION RE HELP DETERMINING SHORT-TERM TRADING ARENA...), and oldNavy as well, as your response to BobSMith5 was helpful clarifying things for me as well.

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  35. Welcome to the Bernanke home for the bewildered and retired Investment (thats a laugh!! )Bankers and other such Dung Meisters otherwise known as the Federal Reserve where computers really do have a short lifespan due to running out of 00000,s in that secret magical process of producing real cash from yes you have guessed it,fresh air.All Gold and Silver jewelery is banned due to severe allergic reactions and the building is full of quiet rooms due to stressed out staff being unable to cope with the rising price of Silver to infinity,even the Fed Psychiatrist is off with stress.Oh what joy to imagine how happy those overpaid wasters are watching something thay cannot stop or manipulate.

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  36. Turd, what's your take on the miners right now?

    - doubledip

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  37. I read Harvey Organ and he is stating we are getting a lot of cash settlements on the Comex because there is no SILVER in inventory. Can anyone substantiate how much over spot these chumps are taking to go quietly into the night. While its implied they are taking new postitions in the deferreds I still say F-em for taking the fiat and running.

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  38. Love miner Yamana (AUY) last Qtr at $.23 USD, self funding on all future production increases. Expect 60% increase in production over the next 3 years. 1% divvie, P/E working at 12 based on current earnings over the last 2Q's. Not hedged and current credits on Silver, Copper, Moly production mean the gold is FREE. Market Cap 10 Billion. THe Shorties have kept this redicously cheap. Trading below $13 USD. Welcome to a huge bargain for a solid mid cap Canadian so some currency appreciation available too.

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  39. LOL Turd. Short, sweet and to the point.

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  40. Carol I've owned yamana for years.keep wanting to sell it because it's been such a laggard but everytime I look at the comapny it looks better and better so I'm sitting tight hoping I'm right. Many of the gold miners have been lagging unless they're a TO target or make a big new discovery.
    Their time is coming!

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  41. Is the comex in technical default now? According to Harvey most of the longs are taking the cash since only small amounts of silver are being picked up.

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  42. Brevity is the soul of wit and the heart of investment advice.

    Turd, you had me at "buy".

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  43. Carol,

    I agree. Yamana is a shining example of where a good low cost gold producer is being shafted by the cartel's short the miners operation. It was @ $20 then went to $4 in 2008. Gold was around a $1000 at that high and $690 at the low. Now here we are 2-3 years later and yet to break $14, yet the POG is over $1430. Go figure...

    Bay of Pigs

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  44. All...

    serious question here. Does anyone have knowledge of or know where I can find anyone selling an 1895 P (same as "no mint mark") in VF or better condition Morgan dollar? A website or coin dealer, etc.

    Yes, I do know it's the King Morgan, impossible to find, and extremely expensive.

    I also need an 1893 S VF condition or better. These aren't as rare but are still very spendy. Not as much as the 1895 P, but as you can imagine I'm having a hard time finding them online. Ebay actually has one now for $43,000. Tempting! LOL

    thanks much!

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  45. Geneparm - Is there ever going to be an end to the raiding, i.e. will the morgue ever extricate itself from its current predicament?
    ----------------

    Nope, not until an assassin can be given several things:

    A dimensional device to travel to different parts of the world and possibly stop the train of motion (ok, time).

    An invisibility shield to hide once getting out of dimensional shift so that you can physically retrieve things to take back with you.

    A transporter system that consists of a device you wear (so you don't lose it) and several transporter discs that you attach to your target (Could be BB, BM, JD) while in hidden, time-froze mode, and then you transport your target either 50 miles above the earth over an ocean or preferably 2 to 5 miles below the surface of the earth. (I'm sure they won't survive either transport location)

    Imagine being able to do this to ALL Keynesians...

    SE

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  46. That lag in the major and mid tier sector of the PM miners is what has driven down the development chain in the miners I used to hold AUY, KGC, PAAS, SSRI, didn't get returns that exceeded the returns I was getting from physical.

    I find myself now w/ junior producers and near term producers where risk is higher, info harder to come by, chance of slick willie con job MUCH greater. . . .

    But I'm also playing with the house's $$ at this point as profits over the years went into physical assets. Most recently farm land, tractor, fam equipment and the like.

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  47. An update from Commerce Resources, one of my favorite REE watch list entries. I like Medallion more (and own it), but if you like REE juniors, keep your eye on these guys. CCE may be onto a huge HREE deposit at the Ashram Rare Earth zone within their Eldor property. With the N. Quebec thaw now in view, things will be picking up rapidly from here.

    http://www.commerceresources.com/s/NewsReleases.asp?ReportID=445000&_Type=News-Releases&_Title=Commerce-Resources-Corp.-Resumes-Work-at-Ashram-Rare-Earth-Zone-Eldor-Prope...

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  48. One way I screen mining stocks is checking if they have had a hedging position recently. If yes then I tend to avoid them. I think hedging reveals at least two problems of a mining company: #1 Their management board lacks of vision where the industry is heading. #2 They are a little short on cash probably so they wanna lock a price in.

    Maybe it's just me but I don't wanna invest in that kinda companies.

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  49. hey guys googled nia pick for today 3 miners some guy on yahoo message board sqiff.pk high volume out boody today up 28%,fvitf.pk,okoff.pk nia asks for a thousand bucks for this. anyways not 100% sure but from looks of it the first one looks legit due to volume spike looking at the timing email was given at 10 am thats when volume spiked in silver quest

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  50. can anyone let me know where the post is in regards to 'how to buy physical' on this (frickin' awesome) blog? turd youre the man.

    thank you

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  51. @Save_America1st - For a high value coin, I'd recommend Heritage Auctions. They're the best in the business. I'd also recommend that you choose a coin graded by PCGS.

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  52. @aimbotmacro

    the (yet far away) end of this could go in two completely different directions for gold. either confiscation, or massive sell off. i'm not worried about that now though, we aren't near that yet.

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  53. @drew,

    Go to apmex.com. Browse the site. Make order. Wire funds. DONE.

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  54. Cool, I'm 3 for 3 on the NIA picks, and it didn't cost me a dime. Orko was the last of the triple for me. Clearly they have fine taste :-)

    But I did remove myself from their email list as soon as they hit me with that picks for money stunt last year. They're no better at this than many of the fine folks here.

    Tell ya what NIA, pay me a grand and I'll set you up really nicely for the next round.

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  55. Rui, we've been looking for a volunteer to research, screen, grade and post all hedged miners right here on Turd's blog. Sounds like you may provide this valuable service?

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  56. someone said great panther was an nia pick a while back

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  57. Sprott closed a whopping 19.37% over NAV. This SCREAMS market panic.

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  58. Yes, I BTFD, but not in silver, though. In supplies... I'm buying supplies while the price hasn't gone up on them yet. I get certain things via sales or discounted because I've bought from stores before. I saved myself 50% on a batch of one thing, and then 100% on another batch of things, and so on.

    I'm saving my cash for one of these 35-50% dips in silver prices. I don't think it's going to happen for a while, but if it does, I am SO THERE!

    SE

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  59. Moving to Japan pretty soon- what are the rules on taking My silver with me, is there a limit on how much I can take? Do I have to declare it? Any info would be greatly appreciated

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  60. RM, btw, each of the 3 NIA picks are really fine miners:

    1. SQI: A Yukon Ag monster in the making.

    2. Fortuna: OMG, r u kidding, just buy it. If you missed Mirasol and want S. America in your portfolio, here's your guy (along with Minera Andes and Argentex that is!!!)

    3. Orko: La Preciosa mega-Ag deposit in Mexico, in JV w/ PAAS that will likely result in their taking Orko out, possibly this year!

    Hot stuff. Have fun doing the DD, each of these are really good stories and very good bets in '11.

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  61. Great Panther was and apparently still is their number one pick... They release the report when it was trading at $1 ... I really, really, really wish I had stayed in that stock from the beginning...

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  62. @ Larry

    I've never done a full scan across the sector tho. Just a few that I paid attention to: ABX, KGC and AU are known offenders. One theory is that these guys are enticed / bullied over the years by EE to hedge.

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  63. Drew

    There was a string a couple of days back where it was discussed that some miners sell bullion products on their web sites at very good prices compared to other suppliers. First Majestic and Great Panther were a couple.

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  64. Drew Bill: Tulving is the best.
    Expecting my 500 SAE tomorrow

    http://www.tulving.com/

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  65. Turd - Thanks for all that you do. You have helped my trading and definitely helped give me the confidence to stay the course.

    My 83 year old grandmother came to my house this evening to bend my ear about her Savings Bonds. She was very concerned because the talk at the beauty parlor was inflation and the collapse of the dollar.

    The patrons of this beauty parlor are average Joes (or Jennys) - not financially savvy people. They are starting to wake up.

    When my grandmother begins asking questions it leads me to believe the tipping point is much closer than we think.

    Again, thank you Turd. You have given us a great place to trade ideas. The other posters on this blog are tremendous. Very powerful thing here.

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  66. tc, what, no google where you are?

    National Inflation Association

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  67. ewc58, there is too much code language here, just wanted to keep up.

    now, what are the ticker symbols for fortuna and orko

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  68. Tim said...
    What does NAV mean

    Net Asset Value
    Investors are willing to pay a certain % more than the real value of holdings just for the knowledge that the gold and silver backing their "assets" actually exists.

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  69. The fundamentals for gold and silver continue to intensify. The bubble callers must have their heads stuck up their ass!

    China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency StatusSubmitted by Tyler Durden on 03/02/2011

    In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

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  70. Salud
    Thanks!! This is probably a dumb question but why is it only trading at $16. Is it because of the amount of holdings they have/share. Also if SLV goes down will pSLV get a bump or will they both tank? In your opppinion

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  71. gold target is elevated near term to 1650......

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  72. NY Times opinion article about silver manipulation. Everything in the article has been discussed here and elsewhere many times. But maybe, cause it is the NYT it'll gain a little more traction in the MSM. At least someone on their ed board has a brain. We can hope.

    "...the commission should start enforcing the 10 percent threshold on silver positions it has proposed to comply with Dodd-Frank law. Basically, the other commissioners must join with Bart Chilton to do the job they are required to do: Protecting the sanctity of the markets and preventing the sorts of manipulation we’ve seen all too often."

    http://opinionator.blogs.nytimes.com/2011/03/02/a-conspiracy-with-a-silver-lining/?hp

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  73. FORTUNA SILVER MINES (Public, PINK:FVITF)

    Orko Silver Corp. (ADR) (Public, PINK:OKOFF)

    Fleckenstein made subscribers aware of this about 1 1/2 years ago but has decided to recuse himself due to the proximity to PAAS (Orko)

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  74. Turd, I read you every day now, but am having a problem loading the charts. They start to load, then disappear. Have you heard of others having this problem ?
    Thanks.
    Bill

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  75. I'll join in on the juniors talk here.
    tinka resources
    TK.V
    TKRFF

    #1 pick. You've been told. Long till $1.50

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  76. Sirius, It is just you. I'd recommend a recent version of Firefox (3 or above) or any version of Chrome (aka Chromium). Don't use IE... Also: its not unheard of for ISPs to "cache" content and they could have a broken transparent cache between you and the site...

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  77. Drew Bill

    Check out your local coin shops. You might be pleasantly surprised. Otherwise, there are several good online retailers that get talked about plenty here in Turd Town.

    apmex.com
    providentmetals.com
    gainesvillecoins.com
    monarchpreciousmetals.com

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  78. I take the suppression of physical and miners as a gift. We are a very small segment of the population.There is no one doing what we are doing, we are the vanguard. I roll with unhedged jrs. As we get into the 3rd phase of this market I may consider the big boys, til then options(instead of trading my miners)and phys & miner accumulation is the name of the game.I hope to learn how to buy commodities I'm self taught so far and would accept any help and/or direction. Here is some 411 for those who are so inclined.http://www.gata.org/files/ThunderRoadReport-02-24-2011.pdf and http://www.youtube.com/watch?v=0vAiLHEFXNI Mahalo kakou (thank-you everyone)especially T-MAN, for keeping this an intelligent informative site ,my 2nd or 3rd stop each and every day.I shall be feeding you soon!

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  79. Turd, you called it. Two attacks tonight as silver moved up to $35. All they are doing is delaying the inevitable and enabling people to buy the real metal for less. Perhaps that is what TPTB want to do anyway, buy physical themselves while keeping the paper price low. So what, we're still up nicely from last week. The after-hours raid hit gold pretty hard too.

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  80. This comment has been removed by the author.

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  81. eToro is the most recommended forex broker for beginner and established traders.

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